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Medtronic reports 6% rise in quarterly revenue

An employee uses a microscope at the Medtronic assembly plant in Tijuana, Mexico.
David Maung | Bloomberg | Getty Images

Medical device maker Medtronic posted a better-than-expected quarterly profit on Tuesday, helped by strong performance across all segments.

The company's top-selling cardiac and vascular unit that makes defibrillators, pace-makers, heart valves and stents raked in revenue of $2.86 billion, beating analysts' estimate of $2.84 billion, according to IBES data from Refinitiv.

Medtronic's minimally invasive therapies business, which makes surgical instruments and endoscopy products, brought in a revenue of $2.05 billion, ahead of analysts' estimate of $2.01 billion.

The company also raised its full-year organic revenue forecast to a range of 5.0 percent to 5.5 percent from 4.5 percent to 5.0 percent.

Net income attributable to the company fell to $1.12 billion, or 82 cents per share, in the second quarter ended Oct. 26, from $2.02 billion, or $1.48 per share, a year earlier.

The company had a $235 million income tax provision in the reported quarter, compared with a $285 million tax benefit in the year-ago quarter.

Excluding items, Medtronic earned $1.22 per share, beating analysts' expectations of $1.15 per share.

Net sales rose 6 percent to $7.48 billion, above estimates of $7.35 billion.

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Key Points
  • U.S. medical device maker Boston Scientific said it had agreed to a $4.24 billion cash deal to buy Britain's BTG.
  • Boston Scientific is hoping to bolster its capabilities in interventional medicine.
  • The offer of represents a premium of 36.6 percent to BTG's close on Monday.